Significant Expansion of BitGo’s Innovative Insurance Program
BitGo, the leader in digital asset financial services, announced today it has surpassed $700M of total Crime/Excess Specie insurance capacity.
New milestone for BitGo! Announcing we have surpassed $700M of cold storage insurance capacity
In 2020, BitGo became the first digital asset custodian to offer clients the ability to purchase their own dedicated excess limits above BitGo’s $100 million “all customer” Crime/Specie policy at pre-agreed rates. Due to strong demand from institutional custody customers, BitGo’s Dedicated Customer Excess Specie insurance offering has expanded by over $600M to emerge as the largest in-force cold storage Specie program placed to date.
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“BitGo was one of the first service providers to build a strong insurance program for crypto,” said Mike Belshe, CEO of BitGo. “Today, due to BitGo’s technology and scale, we’re able to offer a lower cost Dedicated Customer insurance program on top of BitGo’s secure cold storage system. This milestone demonstrates that the offering has been very popular with clients seeking the ultimate secure and insured storage.”
Nick Edwards, lead underwriter on the program and Head of Specie at Canopius, a Lloyd’s of London syndicate, says: “We are pleased that the Dedicated Customer Excess Specie insurance we put in place in 2020 has delivered in supporting BitGo’s Custody offering. In less than 18 months, we have seen committed capacity to the BitGo cold storage program increase seven-fold, which attests to the quality of its secure solution and the appetite among institutional investors for such a program.”
In 2019, BitGo innovated the digital asset insurance marketplace by offering a comprehensive and transparent insurance protection up to $100M at no additional cost to all BitGo Custody clients.
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BitGo partnered with insurance brokers Woodruff Sawyer. and Paragon International Insurance Brokers of London. “It’s very exciting that we were able to expand this program to accommodate the needs of BitGo’s clients,” said Jacob Decker, Vice President, Director of Financial Institutions at Woodruff Sawyer. “As we see more institutional clients coming into crypto, it’s vital that we keep innovating to ensure that demand is met. This is a new world and our London partners Paragon did a phenomenal job educating the market and expanding support from both existing partners, as well as bringing new carriers into this emerging product.”
The key features of the Expanded Specie Insurance are:
- Highly-competitive premiums due to BiGo’s under lying $100M program
- Adjustable limits
- Pro-rated premium so clients only pay for the relevant period of protection
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